#TrumpTariffs
Recently, President Donald Trump signed a new law to cut taxes and spending, a massive step he described as "the largest in American history" 🇺🇸. The law makes $4.5 trillion in tax cuts permanent, adds new exemptions on tips, overtime, and car loans, with special discounts for seniors and low-income families.
On the other hand, the law increased military spending, but significantly cut social support programs like "Medicaid" and food assistance, which could lead to millions of Americans losing their health insurance. The decision sparked widespread controversy among Republicans and Democrats, especially with expectations of increased public debt and its effects on American families.
Trump has indeed escalated the trade confrontation recently! Alongside massive tax cuts within America, he announced reciprocal tariffs (of at least 10%) on all countries that impose additional taxes or fees on American exports, specifically targeting China and Europe.
These steps aim to boost American exports and reduce the trade deficit but at the same time could raise prices for the American consumer and increase tensions with trading partners. Meanwhile, cutting taxes domestically while reducing social support programs raises widespread debate about economic fairness.